SteelMint’s daily steel billet index for the key central Indian market of Raipur is assessed at INR 41,700/tonne (t) (-INR 300) exw on 18 Nov’21.
About 2,500 t of transactions in billets were recorded by SteelMint today against 6,655 t on 17 Nov.
The index dropped on account of limited enquiries following poor offtake of finished steel products, although prices fell steadily. Therefore, buyers have opted to hold major bookings until demand and prices rebound in the spot market.
- This index has been derived based on transactions, offers, bids and indicative price data sets. Transactions are considered as T1 and given a weightage of 50% whereas other data sets are considered as T2 and given a weightage of the balance 50%.
- Transactions (T1) – Six trades were recorded in the 2:30 pm to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which two trades were recorded at INR 41,700/t, two deals at INR 41,600/t, and one deal each at INR 42,000/t, and INR 41,750/t. The average price of these six transactions was INR 41,675/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Thirteen offers reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 41,727/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 41,701/t, rounded to INR 41,700/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
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